: Introduction to Entrepreneurship for engineers 1

Transcript:: Introduction to Entrepreneurship for engineers 1:
: Introduction to Entrepreneurship for engineers 1 Lecture 1 Entrepreneurship for engineers (IEng5242) School of Mechanical and Industrial Engineering February: 2020 Course Content Part 1: Introduction to Entrepreneurship Part 2: Creation of New Venture Part 3: Choosing The Legal Form Of an Ownership Part 4: Marketing in Business enterprises Part 5: Financing and accounting in business Part 6: Risk and insurance of Business enterprises 2 Chapter One Introduction to Entrepreneurship 1.1 Meaning of the terms entrepreneur, entrepreneurship and owner manager; 1.2 Characteristics of Entrepreneurs 1.3 Motivation for starting a business 1.4 Success factors for entrepreneurs 1.5 The role of entrepreneurship in the economy 3 What is Entrepreneur? An entrepreneur, is an individual who creates a new business, bearing most of the risks to achieve goals. Entrepreneur is a visionary leader- a person who dreams great dreams. (Hisrich) The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. 4 What is Entrepreneur?...cont’d Entrepreneurs are people who have the ability to see and evaluate business opportunities, to gather the necessary resources to take advantage of them to initiate appropriate action to ensure success. 5 Cont… Peter Drucker states, as “Entrepreneur is someone who always searches for change responds to it, and exploits it as an opportunity.” Example: It is the entrepreneur who only knows Opening of new university near the society Opening of Hotels near tourists’ attraction-center 6 What is Entrepreneurship? Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. Entrepreneurship capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit. 7 Cont… Entrepreneurship is the dynamic process of creating incremental wealth created by individuals who assume the major risks in terms of equity, time and /or career commitments of providing value for some product or service. The product/service itself may/may not be new or unique but value must somehow be infused by the entrepreneur. 8 Generally Entrepreneur and Entrepreneurship Entrepreneur: a vision-driven individual who assumes significant personal and financial risk to start or expand a business. Entrepreneurship: The pursuit of opportunity through innovation, creativity and hard work without regard for the resources currently controlled. 9 Cont… Entrepreneur Entrepreneurship Enterprise The person The process The outcome 10 Factors Influencing Entrepreneurship 11 The term Entrepreneur can be distinguished from other terms which are very